Bitcoin (BTC) may experience a 60% increase in value if a long-term chart pattern remains in place.
On June 8, Mikybull Crypto, a well-known trader, noted some encouraging indications on the BTC/USD weekly chart in his most recent analysis.
Weekly Bitcoin price chart keeps $40,000 on the table
With Bitcoin stuck in the same trading range for nearly three months, investors lack direction when it comes to predicting short-term price movements.
No clear pattern of daily performance has emerged, and the $30,000 mark is proving to be a difficult barrier to break through.
“Jelle, a trader, gave advice that is now common in the current market climate: ‘The market remains in the same position it has been in the past few days. To avoid getting chopped up, put in some bids at the extremes and wait.'”
For Mikybull Crypto, however, the longer timeframes suggest that there could be some more intriguing price activity ahead.
He claimed that the weekly chart demonstrated that BTC/USD had finished and was now revisiting an inverse head-and-shoulders pattern.
This is the opposite of the standard head-and-shoulders pattern, which indicates that resistance is becoming established and is usually followed by a decline.
Whilst the daily timeframe has seen the formation of a bearish head-and-shoulders pattern near April’s $31,000 peak, the general trend may still be in favour of the bulls.
Mikybull Crypto pointed out that Bitcoin is exhibiting a textbook inverse head and shoulders pattern on the weekly time frame. The price is presently revisiting the Neckline after breaking out.
The projected 60% “sprint” would result in BTC/USD being at around $40,000.
Casting aside rangebound “expectations”
The $40,000 region and the vicinity are already a sought-after destination for a variety of traders.
The US Bitcoin supply has decreased by more than 10% in the past year, according to Glassnode.
Crypto Kaleo has continued to refer to $40,000 as an “attractor” for the market, while Bitcoin’s price has held onto crucial support trend lines during the three-month period.
In a forecast this week, Credible Crypto, another trader and analyst, declared that $40,000 would not be the highest price for BTC in 2023.
He informed his followers that the Bitcoin halving is scheduled for April 2024 and that they should expect the price of $BTC to stay between 20-40k for about a year, which is when they should accumulate as much Bitcoin as possible. Once the halving occurs, he predicted that the next bull run will take the price to 100k+ by 2025. WAGMI.
The magazine states that Bitcoin is heading towards the goal of achieving ‘Net Zero’.
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